CSE sustains positive momentum amidst high turnover

The Colombo stock market managed to close on the up amidst high turnover driven by strategic deals on Hayleys PLC.

Both indices gained by 0.1%. Turnover was Rs. 3.7 billion involving 95.5 million shares. The market also saw continuity in net foreign selling.

Asia Securities said the ASPI closed in green for a sixth straight session, touching a high of 12,436 (+55 points) in mid-session trading. Nevertheless, the index dropped to 12,382 before ending the day at 12,395 (+14 points). Notably, HAYL closed the day with a sharp 5.0% increase, driven by buying interest from HNIs and institutions. Furthermore, sizeable price gains were recorded by SUN (+3.2%), DIPD (+2.8%), HAYC (+2.2%), VONE (+1.8%), COCR (+1.7%), and BIL (+1.6%). HAYL (+14 points) came in as the major index mover for the day while NTB (-6 points) and CFIN (-3 points) ended as the biggest laggards on the ASPI.

Turnover was driven by HAYL (Rs. 1.1 billion), JKH (Rs. 531 million), and SUN (Rs. 213 million). Crossings accounted for 33.3% of turnover led by HAYL (Rs. 762.7 million), JKH (Rs. 391.7 million) and GLASN (Rs. 47.5 million).

Foreigners recorded a net outflow of Rs. 166.9 million. Net foreign buying topped in HAYL at Rs. 

57.8 million and selling topped in JKH at Rs. 75.7 million.

First Capital said the bourse continued its upward trajectory for the sixth consecutive day, amidst improved buying interest enticed across holding companies and banks while participation of retail investors and HNWIs remained active. HAYL, SUN, BIL, DIPD and VONE emerged as significant contributors to the index. Despite starting the day on a bullish note, market sentiment turned bearish as the session progressed in the latter part. Nonetheless, the index concluded the day in green, closing at 13,395 gaining 14 points. 

Turnover witnessed a significant improvement reaching nearly a one and half month high reflecting a 151.9% rise from the month’s average. Notably, HAYL contributed 28.3% to the overall turnover.  The Capital Goods sector led the turnover at 52.4%, with the Food, Beverage and Tobacco and Banking sectors jointly contributing 24.2% to the overall turnover. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Hayleys and Piramal Glass. Mixed interest was observed in Sunshine Holdings, Royal

Ceramics and Sampath Bank whilst retail interest was noted in Browns Investments, LOLC Finance and Hela Apparel Holdings. 

The Capital Goods sector was the top contributor to the market turnover (due to Hayleys, John Keells Holdings and Royal Ceramics) whilst the sector index gained 0.39%. The share price of Hayleys increased by Rs. 5 to Rs. Rs 105.25. The share price of John Keells Holdings closed flat at Rs. 204. The share price of Royal Ceramics recorded a gain of 20 cents to Rs. 36.10.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Sunshine Holdings) whilst the sector index increased by 0.16%. The share price of Sunshine Holdings moved up by Rs. 2 to Rs. 65.

Sampath Bank was also included amongst the top turnover contributors. The share price of Sampath Bank declined by 20 cents to Rs. 80.70.